B2 - Communicating with Customers

Question 1

Explain and evaluate in-branch banking.

Answer 1

It’s a physical place where transactions are carried out face to face. Could be using self service machines or seeking advice from an employee.

+ Ability to build relationships & transactions are carried out there and then
- Only available during opening hours & you need to travel to the branch

Question 2

Explain and evaluate online banking.

Answer 2

It’s when you manage banking needs over the internet via a laptop. Can do many of the things like in branch, but money can’t be paid in or drawn out.

+ Very convenient, has 24/7 access & is private
- Can’t withdraw cash & may have limited facilities

Question 3

Explain and evaluate telephone banking.

Answer 3

Transactions over the phone. Some accounts allow you to speak to an advisor.

+ No additional charges, convenient & usually automated services like checking balances and paying bills
- Only available during set hours & limited service provided

Question 4

Explain and evaluate online banking.

Answer 4

It’s similar to online but is accessed via a mobile device such as a smartphone or tablet and is available 24/7.

+ Convenient, easy to use & available 24/7
- May need to download an app & has higher risk due to possibility of losing the device or being hacked

Question 5

Explain and evaluate postal banking.

Answer 5

It’s a paper based financial transactions. Includes paper copies of statements and some still pay their bills by cheque.

+ Traditional method that customer feel comfortable with & no additional technology required
- Post can be lost & takes significantly longer than other methods